比特币徘徊在近期峰值附近，焦点逐渐转向以太坊

传统上，以太坊在 BTC 价格上涨后的利润轮换期间表现良好，最新数据表明大幅波动可能即将到来。

Bitcoin’s recent price action has put a spotlight on a potential profit rotation into altcoins, with Ethereum being a prime candidate. Despite being up over 140% from its 2023 lows, ETH is still trading 36.2% below its 2021 record high of $4,878.

比特币最近的价格走势让人们关注到山寨币的潜在利润转移，而以太坊是主要候选者。尽管较 2023 年低点上涨了 140% 以上，但 ETH 的交易价格仍比 2021 年历史高点 4,878 美元低 36.2%。

After Bitcoin’s move, Ethereum has typically been one of the first assets to benefit from profit rotations. Currently, Ethereum’s on-chain activity shows evenly spaced potential resistance levels, but in… pic.twitter.com/amkbZmtEyo

在比特币走势之后，以太坊通常是最先从利润轮换中受益的资产之一。目前，以太坊的链上活动显示出均匀分布的潜在阻力水平，但在...... pic.twitter.com/amkbZmtEyo

According to IntoTheBlock, daily transaction volume has increased on ETH, currently averaging 1.22 million per day compared to 1.1 million three months ago. Although this growth rate is not very high, it shows that there has been constant utilization of the Ethereum network, which is a big factor that supports the long-term value of ETH.

根据 IntoTheBlock 的数据，ETH 的每日交易量有所增加，目前平均每天 122 万笔，而三个月前为 110 万笔。虽然这个增长率不是很高，但说明以太坊网络一直在不断被利用，这是支撑ETH长期价值的一大因素。

However, the formation of new Ethereum addresses continues to be lower than during other bull markets. This decline has been due to the increased usage of Layer 2 solutions like Base, which builds on the infrastructure of ETH but provides faster transaction processing. Despite this, tokens have remained the fundamental pillar of the decentralized environment.

然而，新以太坊地址的形成仍然低于其他牛市期间。这种下降是由于 Base 等第 2 层解决方案的使用增加，该解决方案建立在 ETH 基础设施之上，但提供更快的交易处理。尽管如此，代币仍然是去中心化环境的基本支柱。

As a result of substantial whale movement, investor sentiment is also bullish. According to the latest data, institutional investors have purchased more than $1.4 billion in Ether over the last seven days, indicating their bullishness on the digital asset for the future. Similarly, Ether spot ETFs have observed inflows of more than $147 million, which further showcases institutional investors’ optimism in ETH.

由于鲸鱼的大量活动，投资者情绪也看涨。根据最新数据，机构投资者在过去 7 天购买了超过 14 亿美元的以太币，表明他们对数字资产的未来持乐观态度。同样，以太坊现货 ETF 的资金流入超过 1.47 亿美元，这进一步表明了机构投资者对 ETH 的乐观态度。

Ethereum’s open interest across derivatives markets hit $13.2 billion, which is the highest ever and 40% higher than it was four months ago. This surge shows increasing involvement of traders in Ethereum’s futures and options.

以太坊衍生品市场的未平仓合约达到 132 亿美元，创历史新高，比四个月前高出 40%。这种激增表明交易者越来越多地参与以太坊期货和期权。

“Ethereum’s open interest has surpassed its previous ATH (all-time high), exceeding the $13 billion mark—an increase of over 40% in the past four months.” – By @EgyHashX Full post 👇https://t.co/3DfUxb2x1R pic.twitter.com/tYHqkbSTJC

“以太坊的未平仓头寸已经超过了之前的 ATH（历史新高），突破了 130 亿美元大关——在过去四个月里增长了 40% 以上。” – @EgyHashX 全文👇https://t.co/3DfUxb2x1R pic.twitter.com/tYHqkbSTJC

Moreover, Ethereum’s leverage ratio, which is calculated by dividing open interest by the exchange’s coin reserves, has also set a new high at 0.40. This increase shows that investors are becoming more risk-tolerant and that more leveraged positions are being opened in derivatives markets. However, it is important to note that such high levels of leverage also amplify market volatility. If prices suddenly reverse, a long squeeze may set off large corrections.

此外，以太坊的杠杆率（由未平仓合约除以交易所的代币储备计算得出）也创下了0.40的新高。这一增长表明投资者的风险承受能力越来越强，并且在衍生品市场上开设了更多的杠杆头寸。然而，值得注意的是，如此高的杠杆水平也会放大市场波动。如果价格突然逆转，多头挤压可能会引发大幅调整。

Despite these risks, Ethereum is still positioned for further expansion. According to analyst Ali, there are resistances at $4,000 and $6,000 with a possibility of a breakout if Bitcoin stays within this range. Even the longer terms expectancies are for the price to reach close to $10,000 if certain conditions in the market are met.

尽管存在这些风险，以太坊仍有望进一步扩张。分析师 Ali 表示，4000 美元和 6000 美元存在阻力，如果比特币保持在此区间内，就有可能突破。如果满足市场的某些条件，即使是较长期的预期价格也将达到接近 10,000 美元。

At the time of writing, ETH is trading at $3,361, up 9.06% in the last 24 hours.

截至撰写本文时，ETH 交易价格为 3,361 美元，过去 24 小时内上涨 9.06%。

Source: TradingView

来源：TradingView

The fact that Ethereum remains at the center of the crypto world is undeniable. With such high on-chain activity levels, institutional support, and a thriving derivatives market, the token is set to continue playing a major role in the financial industry’s ongoing transformation.

不可否认的是，以太坊仍然是加密货币世界的中心。凭借如此高的链上活动水平、机构支持和蓬勃发展的衍生品市场，该代币将继续在金融行业的持续转型中发挥重要作用。